Top Originators 2010: #1 USDA Volume

Working in the outskirts of Tulsa, Okla., Kevin Swift sees a mix of urban and rural borrowers walk through his door. For those who qualify, he often extols the benefits of U.S. Department of Agriculture (USDA) mortgages.

“Our focus on USDA lending has definitely gotten stronger with the industry adjustments we’ve had,” says Swift. “For first-time borrowers here, the median income is probably $50,000 or $60,000, so we get quite a few clients who fall below the maximum income limit [set by USDA].”

Enough of Swift’s borrowers met the agency’s qualifications in 2010 to rank him No. 1 in USDA originations among Top Originators entrants. Swift closed $8.5 million in USDA loans in 2010, comprising 25 percent of his total production for the year.

He says the option for 100 percent financing without mortgage insurance is the biggest upside of USDA loans, which come with a funding fee.

“Mainly, you need to verify that borrowers aren’t over the income limit,” he says. “And credit scores: You can still be manually underwritten down to 620.”